Forbes Asia announced Asian Alliance Insurance PLC as one of the four Sri Lankan companies selected for “Best under US$ Billion” for 2011, an annual review of small and mid sized companies in Asia with a turnover less than US$ One Billion.
The criterion for the selection to the exclusive list included profitability, growth, modest indebtedness and future prospects. Another vital aspect was the process of management to guide the company through the global credit crunch of 2008 with little or no impact to operations.
The initial list consisted of 15,000 entities which were pruned down to 200 companies to which Asian Alliance Insurance PLC was selected.
Posting a profit before tax of Rs 371 million in 2010, the highest ever at Asian Alliance to date, Life insurance business contributed Rs 254 million and Non Life recorded a profit of Rs 117 million towards this outstanding performance. The company recorded a Gross Written Premium (GWP) of Rs 1,673 million, from both Life and Non Life businesses; a growth of 11% over the previous year. Life recorded a GWP of Rs 1,242 million with its Annualized New Business Premium growth of 35% reaching a value of Rs 600 million, maintaining the highest levels in the industry.
RAM Rating upgraded the claims-paying ability rating of Asian Alliance Insurance PLC from BB+ to BBB-. This followed the completion of a fully-subscribed Rights Issue for a value of Rs 812.5 million.
source - www.dailynews.lk
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